Gold futures drop as dollar gains vs. rivals

LONDON (MarketWatch) -- Gold futures dropped on Wednesday, as the U.S. dollar rose against other major currencies, dampening the appeal of the precious metal. Gold for December delivery fell $7 to $1,331.60 an ounce in electronic trading on Globex. Precious metals "remain at risk to further long liquidation over the coming session as the dollar rallies on short-covering, but for the moment we view this as a short-term correction rather than a change in overall sentiment, and with the Fed poised to print more money, we expect dips will be viewed favorably by investors," said James Moore, research analyst at Fast Markets in London, in a note to clients.

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